sale

Definition:

1. In accounting, a business transaction in which an accounting entity supplies its goods or services to a customer in exchange for money or some other benefit received or promised. 2. In law, a contract of sale of goods is called a ‘sale’ as from the time at which the property in the goods is transferred from the seller to the buyer in accordance with the contract. This may happen when the contract is made or at a certain time after the contract is made or after a condition has been fulfilled. See the entry for ‘agreement to sell’. 3. An auction. 4. An offer by a retailer of reductions in the prices of many goods for a restricted period. 5. Plural form (sales). In America, in a financial statement, net sales for a period.



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